By Natalie Nagy
As the city of Berkeley faces a housing crisis due to population growth and increased rental rates, applications for new housing developments continue to be submitted. One recent proposal comes from NX Ventures. The Berkeley-based developer submitted plans for a new 209,501square foot mixed-use housing development located at 1974-1988 Shattuck Ave.
According to the project proposal, the developer plans for 297 dwelling units, including 208 studio, 23 one- and 66 two-bedroom units. There are also plans to include a rooftop restaurant over ground-level retail and lobbies.
The 26-story development also will comply with California State Density Bonus laws, which gives housing developments with below-market-rate homes the right to additional density. Fifteen percent of all the units will be affordable under these standards.
Designs for the project come from Trachtenberg Architects. The renderings show outdoor amenity spaces with landscaping that surrounds the building. For the making of this project, the development will also require the demolition of existing commercial structures that are currently onsite.
Sitting on the outskirts of downtown Berkeley, the housing development is located three blocks away from Berkeley City Hall and City College. It is also close to UC Berkeley and many retail options.
The project is also within close proximity to another planned project by NX Ventures. Earlier this year, the company submitted plans for a 16-story mixed-use building at 2420 Shattuck Avenue. The planned project includes 146 dwelling units, ground level lobbies and commercial space, according to previous reporting from The Registry. NX Ventures also partnered with Trachtenberg Architects and sought to leverage the California State Density Bonus on this housing development.
While these two projects are in the early stages of development, NX Ventures has also worked on various projects in the city that are currently undergoing the application process. Once again partnering with Trachtenberg Architects, NX Ventures submitted an application for a 210-unit multifamily development located at 1598 University Avenue back in January. This development also sought to comply with the California State Density Program. The project plans note that 21 apartments will be reserved for low income residents, according to previous reporting from The Registry.
According to a recent Kidder Mathews Market Trend Bay Area Multifamily report, overall construction deliveries have decreased by over 34 percent, while vacancy shrank to just under 5 percentage points to 4.8 percent. Buildings undergoing construction currently have increased by 10.37 percent. Overall, the Bay Area has seen a slight increase in rental rates over the past several quarters. During the second quarter of 2022, the average asking rent hovered around $2,524, compared to $2,458 during the first quarter of the year.